Because Alkalinity is the measure of the buffering capacity against drops in pH.
Nope against drops due the addition of a acid. You can have all the Alk you want and when CO2 enters the pH will drop, no matter what the Alk is. Take a glass of water with a pH meter in it and bump the Alk to like 15 dKH, blow in it with a straw and watch the pH crash. Re-measure the Alk and it will still be 15 dKH. It is cooler to watch with a pH indicator in the glass as you can watch the color change. A common limnological term for Alk is ANC, Acid Neutralizing Capacity. Technically speaking, Buffer Captivity is not the same thing as Alk, as BC is the ability to stop pH shifts up or down. Alk is a downward shift thing. However, I know it is confusing, but Alk is a indication measurement of BC. So, it is Ok to use that term. BC In seawater is almost solely controlled by CO2.
BC
Buffer capacity, ?, is a quantitative measure of the resistance of a buffer solution to pH change on addition of hydroxide ions. It can be defined as follows.
where dn is an infinitesimal amount of added base and d(p[H+]) is the resulting infinitesimal change in the cologarithm of the hydrogen ion concentration.
With this definition the buffer capacity of a weak acid, with a dissociation constant Ka, can be expressed as
where CA is the analytical concentration of the acid. pH is approximately equal to -log10[H+]
So, the higher the Alk the higher the BC. In short it means meq/L/pH unit shift. In NSW the max BC is at a pH of ~ 6 and ~9 , as half is a acid and half is a base. Diagram below. And if Salinity or temp change this changes. In FW this graph is off to the right.
Low O2 could account for the slightly low pH
O2 has no effect on pH. It is CO2
I'll now go back to my cave